Bailouts, yes.
Bankruptcy never.
Bankruptcy would allow forthe renegotiation of union contracts.
Which is why it will never be allowed to happen.
That’s why some states don’t allow municipal bankruptcies.
You insist that just because "The Feds won't allow it" it can't happen. How easy central planning is!
Have no doubt that Argentina, Bolivia and Thailand insisted it "wasn't allowed" either.
“Bankruptcy would allow forthe renegotiation of union contracts.”
Which is one of the factors creating the environment for bankruptcy, with the massive pension related unfunded mandates likely to explode in future years.